Summer is arguably the best of the four seasons, the sun is shining, the kids are on summer break, and you couldn’t be more excited for the weekends and vacations ahead. However, this change in season can have a negative impact on your wallet if you’re not careful. Surviving the season can become really stressful and put you in a bad financial situation for the rest of the year. The 5 tips that I will be sharing will help you have more control of your personal finances and help you survive the summer.
#1. Learn How to Say No
Saying no can actually be one of the hardest things to do, but it will be very effective to benefiting your financial health. I know for me personally the summer time is filled with endless weekend events, from family barbecues to birthdays to weekend getaways. It can be really overwhelming when your presence is always expected and you may find it difficult to say no I can’t make it.
The fear of saying “no” is a fear you must learn to overcome. The better you get at saying “no” the happier you will be, and in this case you will be saving money. Think about it, why are you afraid of saying “no” to someone? Because you don’t want to let them down? Because you don’t want them to get angry? Whatever the reason may be you will have to start being a little selfish and do what is best for you. For more tips on how to say “no” check out this post from Inc.com
With so much going on in the summer months it’s crucial to be able to say “no”. If you say yes to everything you are going to be extremely busy and often spend money that really didn’t need to be spent. For instance if you go to a barbecue you usually bring food/drinks, if its a birthday or graduation you usually bring a gift, etc. Deciding what events are worth your time and are going to bring you the most happiness is crucial to surviving the summer, you will spend less money and be able to spend your time on some side hustles instead.
To check out a great list of side hustles, read this article!
#2. Set Strict Budgets for Vacations or Weekend Getaways
Tip number two takes a lot of discipline but will prove to be very beneficial financially speaking. It’s easy to get carried away with friends/family and splurge on vacations or weekend getaways. But understand your financial position and what is actually reasonable for you to spend, believe me your future self will thank you.
Budgets can seem burdensome, however setting a strict budget can help you save large amounts of money over the summer season. Have fun on vacation but take care of your hard earned money and be realistic with your spending.
#3. Have Fun In The Sun But Don’t Break The Bank
When planning your summer trips try brainstorming the most affordable trips that you know would still be enjoyable. An affordable trip that Gina and I partake in is camping. Camping is extremely cheap and can be free after you’ve purchased the essentials. We also plan day hikes in our local area, it’s great exercise and we don’t have to pay to stay someplace – we simply go home. There are so many affordable trips that you can plan, it’s worth a quick brainstorm session.
#4. Know Your Net Worth & Plan
At the beginning of the summer, or whenever you’re reading this, calculate your personal net worth. In order to calculate your personal net worth simply list out all of your personal assets, such as any cash in the bank, stock ownership, your car, your home market value. Then list out all of your liabilities, such as credit card debt, mortgage, student loans, car loans. Now subtract your assets minus your liabilities and that is your personal net worth… and yes it can be negative.
Now that you know where your net worth stands at the beginning of the summer, decide were you want your net worth to be at the end of summer. Once you have figured out your number, make a plan that’s going to get you there.
Knowing where you are an where you want to be, in regards to net worth will assist you in creating your budget. My advice is to write your summer net worth goal and plan down on a note and put it someplace you look at daily, This will help keep you on track to accomplish your financial goals and will motivate you to stay disciplined.
#5. Staycations Rock
Alright you may think I’m super lame for this one but staycations are awesome, and I bet most of you have never tried one. Taking time for yourself can be super rewarding. A staycation will allow you to recharge and get to all things you’ve been putting off for when you “have time”.
What else are staycations good for other than being pretty much free of charge? How about starting a side hustle and creating another stream of income. Not a bad idea if you ask me, maybe start a blog? Or get paid to walk dogs? There are so many ways out there to make money, why not try to figure out ways to earn money in your off time rather than figuring out ways to spend it? If want some side hustle ideas check out this article, 17 Must Try Side Hustle Ideas!
Closing Thoughts
Have fun and enjoy summertime but understand your financial position and don’t over do it. Create a plan that will allow you to have an awesome summer but won’t make you broke… Remember, after summer time comes halloween, thanksgiving, christmas, Hanukkah and many more pricey holidays. That time of the year can be extremely stressful when cash is tight.
Remember there are many affordable and fun trips that you can do, you don’t have to go to Aruba or Disney this summer, that can wait. Moral of the story: be financially conscious, create a plan/goal, and execute.
We hope you have a great summer!
Check out these posts for more money making ideas!
